The UK is also introducing reforms to give shareholders a binding vote on pay in October, as well as measures to make remuneration packages more transparent.
As for the other two proposals, on giving investors the formal power to block pay awards and on forcing the remuneration committee to have a workforce rep as a voting member, goodness only knows whether they will be enacted or squished.
So will giving shareholders increased authority over executive pay serve as a brake on bosses remuneration, or will this reform just give politicians and the public someone else to curse as and when the chief executive of a mediocre company pockets millions?
BBC: Will highly paid investors curb pay of highly paid bosses?
Most companies approach the prospect of a dialogue with remuneration governance professionals as if they were about to waste precious time with an eccentric grandmother having afternoon tea.
FORBES: New Year Resolutions for Compensation Committees - 2011
As one senior banker said to me, it's bankers' pay that more than anything else prevents banks from restoring their public reputations - but he didn't have the faintest notion how to align remuneration with what would be widely seen as decent, and thus mend the poisonous relationship between finance and people.
With their organizations under threat of higher taxation as well as public opprobrium, other shareholders ought to be more exercised over the remuneration issue.
The government will amend company law so that shareholder votes on big businesses' prospective remuneration plans for executives will be binding - as opposed to the current system of advisory votes (which have the power to embarrass companies but not to compel them).
The bank's remuneration committee agreed to Sir Fred's massive bung as part of the negotiations to get rid of him, and the government did not try to reduce it when it rescued the bank.
In the meantime, however, it is the quantum of banker remuneration, as well as the structure, which remains a concern to politicians.
Sinn Fein's Michelle O'Neill said foster carers should be recognised as part of the children's workforce and there needed to be an examination of their remuneration.
Mr Diamond would say that in his new role as overall boss of Barclays, he is trying to create a different culture, one where remuneration is not dependent on turning a quick buck.
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